By The Staff Reporter
The Development Bank of Namibia (DBN) has achieved a significant milestone, becoming the first local institution to gain official accreditation by the Green Climate Fund (GCF) as a Direct Access Entity under the medium-sized project category.
This significant achievement was confirmed during the GCF鈥檚 42nd Board Meeting, held in Port Moresby, Papua New Guinea, from 30 June 30 to 3 July.
Speaking on the accreditation, Jerome Mutumba, DBN鈥檚 Chief Marketing and Corporate Affairs, stated Thursday that the accreditation is not just an institutional milestone; it is a national breakthrough.
鈥淎s a GCF-accredited entity, we are now equipped to mobilize climate finance and unlock green investments that will advance Namibia鈥檚 climate ambitions through impactful partnerships and sustainable development initiatives,鈥 he said.
According to Mutumba, the move expands beyond previous accreditations that were solely for grant funding, marking a new era for climate finance access in the Southern African nation.
Furthermore, the accreditation is expected to promote increased investment in climate adaptation and mitigation projects throughout Namibia.
Mutumba said the accreditation also aligns with DBN鈥檚 Integrated Strategic Business Plan (2024鈥2029), which underscores the Bank鈥檚 commitment to long-term financial sustainability.
The GCF, established as part of the Paris Agreement, is the world鈥檚 largest dedicated climate fund. Its mission is to support developing countries in achieving their climate goals by facilitating low-emission and climate-resilient development.
With this accreditation, DBN is now eligible to design, submit, and implement climate adaptation and mitigation projects valued between $ 50 million and $ 250 million, directly accessing international climate financing.